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Title: |
Lease Agreement |
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Entities: |
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Date: |
2003 |
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Size: |
Preview shows 3KB of 45KB total |
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Price: |
$41 |
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ID: |
#351649 |
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LEASE AGREEMENT
THIS LEASE AGREEMENT ("Lease") is entered into as of the 24th day of
February, 2003, by and between NORCO, INC., a Connecticut corporation
(hereinafter called "Landlord"), whose address for purposes hereof is 700
Liberty Avenue, Union, NJ 07083, and Marathon Power Technologies Company, a
Delaware corporation (hereinafter called "Tenant"), whose address for purposes
hereof is 8301 Imperial Drive, TX 76712.
1. DEFINITIONS.
(a) "Basic Rental": Those amounts set forth on the Basic Rental
Schedule, attached hereto and made a part hereof for all purposes as Exhibit A.
(b) "Commencement Date": February 24, 2003.
(c) "Lease Term": The initial term (the "Initial Term") shall be
the period commencing on the Commencement Date and continuing for one (1) year.
In the event Tenant does not agree to purchase the Premises pursuant to the
Purchase Option (as defined herein), then upon the conclusion of the Initial
Term, the Lease Term shall be immediately extended for an additional six (6)
months (the "Extended Term"), after which time this Lease shall terminate
automatically. All the same terms and conditions of this Lease that apply
during the Initial Term shall apply during the Extended Term.
(d) "Permitted Use": Industrial manufacturing, machining,
stamping, fabricating, general office, distribution, sales and related uses
thereto, including, without limitation, the activities conducted on the
Premises on the date hereof.
(e) "Premises": The land and buildings generally outlined on
Exhibit B attached hereto and made a part hereof, consisting of approximately
19.647 acres and approximately 855,823 rentable square feet, commonly known as
139 Ethan Allen Highway, Ridgefield, Connecticut.
2. LEASE GRANT.
Landlord does hereby lease, demise and let unto Tenant the Premises
commencing on the Commencement Date and ending on the last day of the Lease
Term, unless this Lease is sooner terminated or extended as herein provided.
3. RENT.
(a) In consideration of this Lease, Tenant promises and agrees to
pay Landlord the Basic Rental for each month of the Lease Term without
deduction or set off. One full monthly installment shall be payable by Tenant
to Landlord contemporaneously with the execution of this Lease, and a like
monthly installment of the Basic Rental as provided for in Exhibit A shall be
due and payable without demand beginning on the first day of the calendar month
following the expiration of the initial partial calendar month of the Lease
Term; and continuing thereafter on or before the first day of each succeeding
calendar month during the Lease Term. In the event any monthly installment of
the Basic Rental, or any other sums which become owing by Tenant to
{PAGE}
Landlord under the provisions hereof are not received within ten business (10)
days after the due date thereof (without in any way implying Landlord's consent
to such late payment), Tenant, to the extent permitted by law, agrees to pay,
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